Tax reporting for Closing investment Club

[mharding000]

Our 10-yr old investment club is closing.   In addition to the 4-pg federal form 1065, Schedule D (Capital Gains and Losses), Schedule K Line 13b (Portfolio Income Deductions), and the K-1s, am I interpreting correctly that the Schedule K Line 19a (Portfolio Distributions) and Line 19b (Distributed Property Other Than Money) forms are also sent in with both the federal and the state returns?   (It looks to me like it's the Withdrawal Distribution Report that is retained for files and not to be sent with the tax return.)   Last question: Is it possible to get an extension on the final tax return?  If it's true that the 90-day deadline to submit a final reporting begins counting after contributions have ceased (in our case, June), then the return could be due by Sept 30th, regardless when the distributions are paid out.  Half of our members withdrew and were valued as of 5/31 and were paid out or transferred out in June. Then the remaining members withdrew and were valued as of 6/30, to be paid out in cash in July, as specified in club agreement.  The agreement calls for a 5% deduction from cash, which the partners all insisted should be followed, to cover any unforeseen closing expenses.  It's going to take the better part of  90 days to figure out how to distribute that hold-over cash since all members are withdrawn, and then correctly prepare the tax return by hand.  An extension might mean I could ask for approval for the 2005 tax printer program.   Your advice on any or all of this would certainly be appreciated.   Mary Ann Harding Door Prize Investment Club Door County WI    ------------------------------------------------------------ TO CHANGE YOUR SUBSCRIPTION ------------------------------------------------------------ You are currently subscribed to club-treasurers as: [EMAIL PROTECTED] You can change your eMail address, or the way you receive club-treasurers messages at: http://lists.better-investing.org/cgi-bin/lyris.pl?enter=club-treasurers To unsubscribe, send an eMail to YOUR PERSONAL AUTOMATED UNSUBSCRIBE ADDRESS: mailto:[EMAIL PROTECTED] ------------------------------------------------------------